MKT:CC - DeepMarkit Provides Update on Consolidation
(TheNewswire)
Calgary, Alberta – TheNewswire - June 20 , 2023 / CNW / –DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT)(OTC:MKTDF) (FRA:DEP) is pleased to announcethat at the special meeting of shareholders held on June 8, 2023, theCorporation's shareholders approved the consolidation of the Company'soutstanding common shares (" Common Shares "). Subject to approval bythe TSX Venture Exchange (the " Exchange "), theCorporation anticipates filing articles of amendment to consolidatethe Common Shares on the basis of one (1) post-consolidation CommonShare for every (40) issued and outstanding pre-consolidation CommonShares (the " Consolidation "), on or about June 21,2023, with the Common Shares expected to trade on the Exchange on aconsolidated basis on or about June 22, 2023.
Following the Consolidation, the Corporation will haveapproximately 4,246,571 Common Shares outstanding, subject to rounding(169,862,828 Common Shares are outstanding currently). No fractionalCommon Shares will be issued pursuant to the Consolidation and anyfractional shares that would have otherwise been issued will berounded down or up to the nearest whole Common Share, with 0.5 of aCommon Share being rounded up.
A letter of transmittal will be sent by mail toregistered shareholders advising them that the Consolidation has takeneffect. The letter of transmittal will contain instructions on howregistered shareholders can exchange their share certificates orDirect Registration System (" DRS ") statementsevidencing their pre-consolidation Common Shares for new sharecertificates or new DRS statements representing the number ofpost-Consolidation Common Shares to which they are entitled.
The exercise or conversion price and the number ofCommon Shares issuable under any of the Company's outstandingwarrants, stock options and restricted share units will beproportionately adjusted to reflect the Consolidation in accordancewith the respective terms thereof.
The Company is implementing the Consolidation toincrease the trading price of the Common Shares in order topotentially broaden the pool of investors that may consider investingin the Company, thereby increasing liquidity, and to maintain theminimum closing bid price required by the OTCQB in order to maintainthe Company's listing.
The Company will not be changing its name in connectionwith the Consolidation.
DeepMarkit Corp. is a technology company focused ondemocratizing access to the voluntary carbon offset market by mintingoffsets into NFTs. Its common shares are listed on the TSX VentureExchange under the “MKT” stock symbol, on the OTC market in theUnited States under the “MKTDF” symbol and on the Frankfurt StockExchange under the “DEP” symbol. DeepMarkit Corp. is a softwareinfrastructure company operating in the tokenization vertical of theblockchain. Its primary asset, MintCarbon.io, is a web-based platformthat facilitates the minting of carbon offsetsinto NFTs (based on the ERC-1155 standard) or other secure tokens(based on the ERC-20 standard).
On behalf of:
"Ranjeet Sundher"
Ranjeet Sundher, CEO
For more information, pleasecontact:
Ranjeet Sundher, CEO
Tel: 403-537-0067
Email: corp@deepmarkit.com
Web: www.deepmarkit.com/
Twitter: @DeepMarkit
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accept responsibility for theadequacy or accuracy of this news release.
Statements in this news release may containforward-looking information. Any statements that are contained in thisnews release that are not statements of historical fact may be deemedto be forward-looking statements, including statements relating to thecompletion of the Consolidation, the effective date of theconsolidation, the expected date that the Common Shares will resumetrading on the Exchange, and the expected benefits of theConsolidation. The reader is cautioned that assumptions used in thepreparation of any forward-looking information may prove to be incorrect. Events orcircumstances may cause actual results to differ materially from thosepredicted, as a result of numerous known and unknown risks,uncertainties, and other factors, many of which are beyond the controlof DeepMarkit. Additional informationregarding risks and uncertainties of the Company's business arecontained under the heading "Business Risks andUncertainties" in the Company's MD&A in respect of theinterim period ended March 31, 2022 and the Company's other publicfilings which are available under the Company's profile on SEDAR atwww.sedar.com. Various factors can cause theactual results to differ materially from those in forward-lookingstatements. The reader is cautioned not to place undue reliance on anyforward-looking information.
The forward-looking statements contained in this newsrelease are made as of the date of this news release and DeepMarkitdoes not undertake any obligation to update publicly or to revise any of the included forward-lookingstatements, whether as a result of new information, future events orotherwise, except as required by securities law.
Copyright (c) 2023 TheNewswire - All rights reserved.